Berry Global Group (NYSE:BERY) Research Coverage Started at Morgan Stanley

Morgan Stanley began coverage on shares of Berry Global Group (NYSE:BERY) in a research note released on Wednesday, MarketBeat.com reports. The firm issued an equal weight rating and a $76.00 price objective on the industrial products company’s stock.

Several other brokerages have also recently weighed in on BERY. Bank of America boosted their price objective on Berry Global Group from $74.00 to $81.00 and gave the stock a buy rating in a research note on Friday, May 10th. StockNews.com lowered Berry Global Group from a buy rating to a hold rating in a report on Wednesday, August 21st. Finally, UBS Group dropped their price objective on shares of Berry Global Group from $89.00 to $77.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $71.82.

Berry Global Group Stock Down 1.1 %

Shares of BERY opened at $66.82 on Wednesday. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08. The stock has a market capitalization of $7.64 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 1.36 and a beta of 1.17. Berry Global Group has a 1 year low of $53.92 and a 1 year high of $69.93. The business’s 50 day simple moving average is $63.87 and its 200-day simple moving average is $60.84.

Berry Global Group (NYSE:BERY) last released its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.16. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm earned $1.90 earnings per share. Berry Global Group’s revenue was down 2.1% on a year-over-year basis. As a group, equities analysts expect that Berry Global Group will post 7.6 earnings per share for the current fiscal year.

Berry Global Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Tuesday, September 3rd. Berry Global Group’s dividend payout ratio (DPR) is presently 26.13%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. EdgePoint Investment Group Inc. lifted its holdings in shares of Berry Global Group by 16.7% in the 1st quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock worth $819,441,000 after buying an additional 1,934,137 shares during the period. Norges Bank purchased a new stake in Berry Global Group in the fourth quarter worth about $81,617,000. Vanguard Group Inc. grew its holdings in Berry Global Group by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after acquiring an additional 1,200,021 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Berry Global Group by 30.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock valued at $204,365,000 after purchasing an additional 807,211 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Berry Global Group by 280.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock valued at $46,968,000 after purchasing an additional 588,114 shares in the last quarter. Institutional investors own 95.36% of the company’s stock.

Berry Global Group Company Profile

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.